TRIS Rating Affirms Rating THAI at “A+”

TRIS Rating Company Limited has affirmed Thai Airways International Public Company
Limited’s (THAI) company rating and the ratings of its existing senior debentures at “A+”.
At the same time, TRIS Rating has assigned the ratings of “A+” for THAI’s THB 2,000
million senior debenture issued in December 2011 and the proposed issuance of up to THB
3,000 million senior debentures.

Mr. Piyasvasti Amranand, THAI President, said that the ratings reflect the leading
position of THAI in airline business on the routes in and out of Thailand and the benefits
derived as a member of Star Alliance, which is the largest airline alliance in the world.
However, these strengths are partially offset by its relatively high leverage and exposure to
fuel price volatility, foreign exchange risk, and event risk such as epidemics, natural
disasters, and Middle East political unrest. In addition, intense competition from both
premium and low-cost carriers will continue to constrain the revenue per passengerkilometer
in the short to medium term.

THAI is now one of the largest airlines in Asia. As of March 2011, its international
network comprised 62 international destinations with 589 flights per week. Capacity,
measured as available seat kilometers (ASK), in the first nine months of 2011 increased by
4.9% from the same period in 2010 since the company added six new aircraft to its fleet.
THAI has a strong market position in international routes with a market share of around
36.5% of international passenger traffic through Suvarnabhumi airport.